Due to weak retail demand in the United States and China, the price of bare diamonds has fallen. The Consumer Confidence Council of the United States reported that consumer confidence in the United States decreased by 7% in August. The price of pear shaped bare diamonds is the same as that of seven categories of round bare diamonds. Bare diamonds with fluorescence have a higher discount. De Beers' sales in August decreased by 42% to $370 million, the smallest since December 2021. The sales situation of small carat bare diamonds is good, better than that of larger bare diamonds. Petra saw a 1% to 2% increase in the price of bare diamonds less than 2 carats during the August trade fair; The price of diamonds ranging from 2 to 10.8 carats has dropped by 14%. Okavango's sales in August decreased by 55% year-on-year, to $49 million. Signet's second quarter sales decreased by 8% to $1.6 billion, while profits decreased by 48% to $75 million. G7 and industry discuss stricter restrictions on Russian bare drilling. Rolex dealers are concerned about their business as the brand has purchased from retailer Buchler.
Special shaped diamond: The market performance of special shaped diamond has slowed down compared to previous days. The price has decreased, but the decrease is smaller than that of circular bare diamonds. Longer oval, pear, radial, and pad shaped bare diamonds are more expensive than shorter diamonds. The prices of bare diamonds with medium to short ratios are weak. Due to low demand and high inventory, the price of square pad shaped bare diamonds has decreased. Due to a decrease in supply, the price of elliptical bare diamonds has remained stable. 0.30 carat bare diamond performed well. There are relatively few orders for 0.70 to 1.20 carat bare diamonds. VS-SI grade bare diamonds are losing market power, except for 1.20 to 1.49 carats. There is a shortage of well cut bare diamonds. Excellent shapes can earn a premium. As consumers seek other cutting tools, retailers offer a wider range of products. Large size bare diamonds are traded at higher prices than usual. Low quality and poorly cut irregular bare diamonds do not flow and are difficult to sell.
US: Market sentiment is weak. Memorandum sales are very popular because of market uncertainty and high interest rates, making direct purchases more expensive. Due to supply shortages, the sales situation of small bare diamonds is better than that of large bare diamonds. The sales situation of irregular bare diamonds is better than that of circular bare diamonds. Due to tight consumer budgets, the outlook for holidays is weak.
Belgium: The dealer returned from vacation. The market performance is as slow as before the holiday. The market's expectations for the next few months are not high.
Israel: Due to the continuous decline in prices, sentiment is weak. Many people are worried that the economic slowdown will worsen. Traders are hoping for the Hong Kong exhibition (September 18-24), but due to weak Chinese demand, expectations are not high.
India: The market is not active. Bare drilling production is still at a decreasing level. Manufacturers sell goods at lower prices to increase liquidity. Due to competition from synthetic bare diamonds, SI2 grade bare diamonds are weak. There is a large amount of low-quality SI grade bare diamond inventory in the market. As the wedding season begins, local demand supports this industry, especially in southern India where VVS grade bare diamonds are very popular.
Hong Kong, China: The market has low expectations for the upcoming exhibition. The exhibitor reported that there were fewer consultations during the pre exhibition than usual. For 0.80 to 1 carat, D-G, VS, 3X grade bare diamonds without fluorescence, the demand is stable. Consumers pay attention to lower priced jewelry and invest in gold. China's economy is weak.
